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to the caricature, the republican caricature of the president as a big spender if, in the end, he puts together a deal with speaker boehner that has with it a lot of spending cuts? >> i think that changes certainly for the democrats the argument about the president's spending habits. certainly republicans then would counter with, well, let's look at the $2 trillion spent before speaker boehner and mitch mcconnell and the senate tried to bring some sanity back to the process. you're going to have the political argument continuing into 2012. if you think, michael, this thing is going to end once they sign a bill by august 2nd, no. the hot rhetoric just continues. >> you know this turf well. it puts republicans in a difficult spot to be pointing a finger as to he's such a big government guy if, in the end he 'em bragsed and negotiated a plan with john boehner that calls for the spending cuss being discussed, whether it's $3 trillion or $4 trillion. let me show you something. the president penned something in "usa today." i don't know if you made it to the last line. here is what he said in the las
're going to start with the big event in washington growing more desperate as the august 2nd deadline to raise the debt ceiling approaches. the key question will we see any progress this weekend. this as president obama warns that failure to take action could lead to serious financial fallout. >> we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs. we don't need more studies. we don't need more a balanced budget amendment. we simply need to make these tough choices and be willing to take on our bases. >> the republicans say they have a new long-term fix. a new amendment to the u.s. constitution. let's go straight to aaron mcpike. an issue of what is at stake today. a reporter with real clear pricks. what is this budget amendment? before we get to that, i want to show people what is at stake in terms of the numbers. $23 billion in social security payments. that's a payment that's on the united states' credit card bill. $87 billion that's another number that's being watched. august 15th also will come due $30 billion in interest paym
of higher than expected receipts, but they're going to have a couple big social security payments and interest payments due, so it's not entirely clear to the markets or to anybody else when treasury will exhaust its reserves. >> annie lowery, economic and business reporter for slate. >>> well, joining me from the hill now illinois republican congressman robert dold who serves on the financial services committee. representative dold, thanks for being here this morning. it's a busy day. >> thanks for having me. i appreciate it. >> i know, sir, that you supported john boehner's plan, but you say you would have voted for it without a budget balanced amendment. why are some of your colleagues saying they need that fully knowing it would not pass the senate? >> the number of my colleagues booef e plea of we have to change the way washington is working, so we've been grossly overspending for a long period of time. it's been happening on both sides of the aisle. it's a clear washington problem. american families have tightened their belt. american businesses have done the same. they shou
, attention, or stress to a young woman and her family." >>> two big names missing from the iowa straw poll ballot. texas governor rick perry and sarah palin. both gop stars are undeclared. perry says he will make a decision in a couple of weeks. palin will announce in a few months. >>> new jersey's governor chris christie insists he is not running in 2012, but he is hanging out in iowa today. he will speak at an educational conference in des moines and headline a political fundraiser for congressman steve king. >>> the hotel maid who has accused dominique strauss-kahn of sexually assaulting her is breaking her silence for the first time. in an emotional interview with news week magazine, she swears she's telling the truth and wants the ex-imf head to go to prison for what he has done. she says, "i want him to go to jail. i want him to know there are some places you cannot use your power, you cannot use your money." joining us is former sex crimes prosecutor and criminal defense attorney ricky clayman. nice to see you. nice to have you in studio. we rarely see an accuser come forth before a
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